]]>http://upsidedownca.com/watt-announces-one-year-extensions-for-harp-and-hamp/feed/0California Home Owners Can Receive Up To 10K in Relocation Assistancehttp://upsidedownca.com/california-home-owners-can-received-up-to-10k-in-relocation-assistance/
http://upsidedownca.com/california-home-owners-can-received-up-to-10k-in-relocation-assistance/#respondMon, 06 Apr 2015 17:29:26 +0000http://upsidedownca.com/?p=3029read more →]]>On October 30, 2014, the Home Affordable Foreclosure Alternatives (HAFA) Program released Supplemental Directive 14-04: Making Home Affordable – Program Updates.

If this sounds like a lot of gibberish, the main thing that California upside down mortgage homeowners need to know is this: HAFA relocation assistance is increased to $10,000 for short sale sellers that close on or after February 1, 2015. (Unfortunately, this is not a change to the GSE’s (Fannie Mae, Freddie Mac, etc.), which likely accounts for at least 50 percent of short sales.

Nevertheless, this revised Supplemental Directive covers all of the following topics:

In a story out today, by the Mortgage Bankers Association, mortgage delinquencies ticked up. Yes you heard that correctly – the number went UP (see link below). This number is based on the number of people who have recently stopped making their mortgage payment. Many people I talk to on a daily basis have finally decided it’s time to stop trying to hang on to their upside down mortgage.

In another article, from earlier in the week, it stated that most real estate experts think the recent uptick in home prices is unsustainable because it’s based not on good economic news but rather it’s based on artificial factors. The article went on to say that the current mini-bubble will not last and some even predicted that prices will actually go back down in mid-2014. The bottom line for most people is that if you have an upside down mortgage and are unsure about whether the tax break laws for debt forgiveness will be extended or not – you probably should seriously consider getting your short sale started immediately.

As an attorney and real estate broker I have created a process to help such homeowners that costs them nothing and quite often I can get them $3,000 at the close of escrow. My clients appreciate having a lawyer on their side every step of the way. The banks have lawyers on their side and with us on your side the fight is a little fairer.

If you have any questions or concerns about your own personal situation I would be happy to give you a FREE one on one legal consultation. You can call me at 916.442.6400 or send me an email at tgreene@tedgreenelaw.com or just visit my website www.upsidedownca.com.

Most likely it’s not. The article below shows a surprising survey in which 77 percent of Americans believe the crisis is still here. I have to admit that while I do know that there is still some pain to go I had no idea that the number of average people who also believed this was so high.

This type of survey is the most important kind because it gets the statistic from those who matter the most – everyday Americans. If your mortgage is upside down and you are not sure what to do, you don’t really show up in most surveys or statistics.

But when someone asks your opinion about the housing crisis you will tell them your true feelings. The media reports of the recent good news don’t ever get to the level that this recent survey did. The recent uptick which caused the good news reporting was largely based on a lot of “investors” buying up investments. Another cause was the slowdown of foreclosures due to the Attorney Generals settlement. That doesn’t help the average homeowner and as a matter of fact, the first quarter of 2013 shows an uptick in foreclosures. It’s no wonder most people aren’t feeling well about the housing market right now.

The average homeowner either has an upside down mortgage or knows someone who does. The water cooler talk at the office or the unemployment line is still about the housing mess.

Of course there are parts of the country doing okay and didn’t experience a real estate bubble. So when you look at national statistics it gets even harder to come away with information that means anything to anybody. It also means that the places that are bad are heavily affected if the average doesn’t look so horrible.

What most Americans do know very well is what is happening in their neighborhood and this recent survey paints a continuing picture of despair to quite a lot of folks.

If you have any questions or concerns about your own personal situation I would be happy to give you a FREE one on one legal consultation. You can call me at 916.442.6400 or send me an email at tgreene@tedgreenelaw.com or just visit my website www.upsidedownca.com.

]]>http://upsidedownca.com/is-the-housing-crisis-over/feed/0New HomePath for Short Sales Escalation – Short Sale Programhttp://upsidedownca.com/fannie-mae-home-path-short-sale/
http://upsidedownca.com/fannie-mae-home-path-short-sale/#respondTue, 02 Apr 2013 23:07:08 +0000http://blog.upsidedownca.com/?p=535read more →]]>Fannie Mae has recently introduced a new tool that should speed up the short sale process. If a short sale is escalated, Fannie Mae directly engages with the agent or servicer to address disputes if the short sale is delayed by servicers or uncooperative subordinate lien holders. Fannie Mae can also help an agent use the new process to get a recommendation list price on the property.

“Our goal is to prevent foreclosures and help stabilize communities,” said Jay Ryan, vice president for real estate sales, Fannie Mae. “By giving agents a straightforward, transparent way to escalate short sale issues to Fannie Mae, we will close more sales, prevent foreclosures and help neighborhoods continue to recover. Getting short sales done benefits everyone involved and we’re committed to doing our part.”

Agents have already started using the Short Sales Escalation offered by Fannie Mae and have been able to help clients save their homes and avoid foreclosure.

“Fannie Mae has taken a serious step to address common issues with short sale files,” said Maryann Little, vice president for short sale mitigation with AA Premier Properties, LLC and Short Sale Mitigation, LLC in Stoneham, MA. “I’ve found HomePath for Short Sales to be an easy tool to communicate with Fannie Mae. Recently I escalated a file to work out a difference in valuation and in less than 24 hours it was resolved. I appreciated that I could send comps directly to Fannie Mae and let them know what we were seeing on our side of the short sale.”

In the first 9 months of 2012, Fannie Mae completed 58,376 short sales.

Real estate professionals can visit Home Path for Short Sales for information on Fannie Mae’s short sale process and here to raise an issue on a particular short sale with Fannie Mae directly.

If you have any questions or concerns about your own personal situation I would be happy to give you a FREE one on one legal consultation. You can call me at 916.442.6400 or send me an email at tgreene@tedgreenelaw.com

]]>http://upsidedownca.com/fannie-mae-home-path-short-sale/feed/0Home Affordable Foreclosure Alternatives Program (HAFA)http://upsidedownca.com/home-affordable-foreclosure-alternatives-program-hafa/
http://upsidedownca.com/home-affordable-foreclosure-alternatives-program-hafa/#respondFri, 10 Dec 2010 19:38:15 +0000http://blog.upsidedownca.com/?p=109read more →]]>The U.S. Treasury Department introduced the Home Affordable Foreclosure Alternatives program, also called HAFA, in 2009 to assist homeowners in exiting their homes with grace and dignity. HAFA enables homeowners to successfully complete short sales and deed-in-lieu resolution of their loans. The program started in 2010 and is currently scheduled to sunset by December 31, 2013. While the Homeowner Affordable Refinance Program was recently extended until December 31, 2015, HAFA is set to expire this year.

Artificially inflated mortgage payments can get in the way of life’s necessities and your financial well-being. While deed-in-lieu is a rarity in the state of California, we have literally completed 100s of short sales on behalf of our customers. In 2011 the Treasury Department revamped the requirements for HAFA and loosened certain restrictions. HAFA is available for loans that are owned or guaranteed by Fannie Mae and Freddie Mac, as well as over 100 HAMP participating mortgage servicers. The current HAFA eligibility requirements* are as follows:

-You have a documented financial hardship.

-You have not purchased a new house within the last 12 months.

-Your first mortgage is less than $729,750.

-You obtained your mortgage on or before January 1, 2009.

-You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.

*Eligibility criteria are presented strictly for guidance. Contact us so we can assess if you qualify for HAFA.

In addition to avoiding foreclosure, the HAFA program may also provide you with $3,000 in relocation assistance once your short sale complete. Check to see if this is a good fit for you today, call Upside Down CA at (877)-442-4577 right away!